Increasing awareness of internet security issues among blue-chip companies gave Baltimore Technologies record revenue growth.

Revenues in the year to December 31, soared by 219 per cent to £74.2 million, compared with £23.3 million at the same point last year.

Revenues in the fourth quarter of the year, at £28.4million, were higher than for the whole of 1999.

But the cost of investment and the group's rapid expansion into 38 cities in 17 countries, meant pre-tax losses for the year widened to £94.2 million, against £31.4 million last time.

The company, based in Hampshire, ended the year with more than 500 partners, including Hewlett-Packard, Cisco Systems and Accenture.

Chief executive Fran Rooney said e-security was increasingly being recognised as an integral factor in any e-business strategy, and was being adopted by a broader range of firms.

2000 also saw significant growth in the financial sector, with major institutions such as First Data, Citibank and Chase Manhattan all adopting Baltimore's technology.

Contracts were also sealed with the UK Ministry of Defence and the Irish Revenue Commissioners.